10/07/2026
Today, many tax preparers focus on Form 1040 and Schedule C for small businesses. But CrediRise Solutions likes big businesses too!
Let’s talk corporate returns: What’s the difference between Form 1120 and Form 1120-S?
▪ Form 1120: Used by C corporations to report their income, deductions, and credits and calculate the corporation’s income tax liability.
▪ Form 1120-S: Used by businesses with an effective S corporation election. Form 2553 is used to elect S corporation status.
The right return depends on how your business is taxed—not simply how big it is. Small businesses can be corporations too!